On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule intended to limit late payment fees on credit cards issued by the largest credit card issuers. The
Continue Reading CFPB Unveils Final Rule Banning ‘Excessive’ Credit Card Late FeesFinancial Regulation
CFPB Sued By Industry Over Credit Card Late Fee Rule
On March 7, the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and…
Continue Reading CFPB Sued By Industry Over Credit Card Late Fee RuleDistrict Court Declares Corporate Transparency Act Unconstitutional
On March 1, 2024, Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama found the Corporate Transparency Act (CTA or Act) unconstitutional on the…
Continue Reading District Court Declares Corporate Transparency Act UnconstitutionalFinCEN Proposes Rulemaking Imposing New Residential Real Estate Reporting Requirements
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has long recognized non-financed (i.e., “all-cash”) transfers of residential real estate as susceptible of money laundering because these methods…
Continue Reading FinCEN Proposes Rulemaking Imposing New Residential Real Estate Reporting RequirementsSEC Expands Dealer Registration Requirements
On Feb. 6, 2024, the U.S. Securities and Exchange Commission (SEC) adopted new Rules 3a5-44 and 3a44-2 (the final rules) under the Securities Exchange Act of 1934 (the Exchange…
Continue Reading SEC Expands Dealer Registration RequirementsCFPB Broadens Supervisory Appeals Process
On Feb. 16, 2024, the Consumer Financial Protection Bureau (CFPB) updated its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. This…
Continue Reading CFPB Broadens Supervisory Appeals ProcessHawaii’s Money Transmitters Modernization Act Will No Longer Apply to Cryptocurrency Activities
On Jan. 25, 2024, the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI) and the Hawaii Technology Development Corporation (collectively, the “Agencies”) jointly issued a press…
Continue Reading Hawaii’s Money Transmitters Modernization Act Will No Longer Apply to Cryptocurrency Activities5 Trends to Watch: 2024 UK Financial Services Regulation
This 5 Trends piece covers non-financial misconduct, the Senior Managers and Certification Regime, FCA investigations and Upper Tribunal proceedings, motor finance, and FCA Sustainability Disclosure Requirements. …
Continue Reading 5 Trends to Watch: 2024 UK Financial Services Regulation
FDIC Issues Cease and Desist Letters to 5 Entities for Making False or Misleading Representations Regarding Deposit Insurance
On Jan. 19, 2024, the Federal Deposit Insurance Corporation (FDIC) issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC…
Continue Reading FDIC Issues Cease and Desist Letters to 5 Entities for Making False or Misleading Representations Regarding Deposit InsuranceCFPB Proposes Rule to Reclassify Overdraft Fees Under TILA
In a move that could reshape the landscape of consumer finance, on Jan. 17, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that aims to redefine overdraft…
Continue Reading CFPB Proposes Rule to Reclassify Overdraft Fees Under TILA